Multiple Stocks Move After Hours: AppLovin Surges Over 20%, Zillow Drops More Than 16%
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US after-hours trading split sharply on earnings night — AppLovin surged over 20% on a beat-and-raise quarter, while Zillow, Dutch Bros and others tumbled on misses or weak guidance. The market's message: beating estimates is table stakes now; guidance is what sets the price.
Who were the biggest winners?
AppLovin jumped over 20%. Q3 adjusted EBITDA hit $1.84 billion, above the $1.73 billion consensus; revenue came in at $2.18 billion vs. the expected $2.07 billion.
This means → mobile-ad monetization is still accelerating, and the market rewarded it immediately.
Coherent rose roughly 7–8%. Quarterly revenue reached $2.37 billion, up nearly 50% year-over-year. CEO Jim Anderson said AI data centers are shifting from copper to optical interconnects, putting Coherent squarely in the path of demand.
e.l.f. Beauty gained over 4% — EPS of $1.21 doubled the 60-cent estimate, and revenue also beat handily.
Who got hit the hardest — and why?
Dutch Bros fell about 19%. It cut full-year adjusted EBITDA guidance from $385–390 million down to at least $380 million; same-store sales grew 4.4%, missing the 4.6% consensus.
Zillow dropped over 16%. EPS of 55 cents and revenue of $724 million both missed — a clean sweep of misses across core metrics.
Cava slid over 11%. EPS of 11 cents and revenue of $356 million each came in slightly below expectations.
In plain terms = for consumer-facing names, even a hairline crack in the growth story triggers an immediate valuation punishment.
"Beat estimates but still fell" — what happened?
Qualcomm dropped nearly 6%. This quarter's results edged past estimates, but next-quarter EPS guidance of $2.15–2.35 fell short of the $2.26 consensus. The market watches what's ahead, not what's behind.
Expedia fell over 7%. Q3 beat, but Q4 revenue guidance of $3.69–3.75 billion undershot the $3.74 billion estimate.
Figma slipped nearly 7%. EPS of 10 cents and revenue of $391 million both crushed estimates — yet shares still dropped. In plain terms = for high-multiple names, "beat" is merely a passing grade; what matters is by how much and whether it's sustainable.
HubSpot fell over 8% and Snap dropped about 7% on the same pattern: decent results but soft guidance.
How did semiconductor names fare?
Wolfspeed fell about 5%. Fiscal Q1 adjusted loss per share was $2.03, worse than the expected $1.99 loss.
Arm Holdings dipped nearly 2%, despite EPS of 52 cents beating the 47-cent estimate. This reflects how forward-looking semiconductor valuations have become — a single-quarter beat no longer moves the stock.
What other movers stand out?
MercadoLibre — Latin America's e-commerce leader — fell about 7%. EPS of $8.83 missed the $9.27 consensus; revenue of $10.75 billion slightly beat.
Fastly dropped about 16%. Results and guidance both exceeded expectations, but the company disclosed that its go-to-market president, Scott Lovett, will retire in 2027. This means → the market read a key executive's departure as a risk signal for growth durability.
Klaviyo fell about 5% despite beating on both EPS and revenue and raising full-year revenue guidance.
What does this after-hours session tell us?
The core divergence logic: beating estimates alone no longer supports the stock price.
The market is pricing two things: whether guidance can be sustained + the visibility of AI-related growth.
In plain terms = Wall Street's attitude now is "I don't care much what you earned last quarter — show me you can keep earning it next quarter and next year." This is the era where guidance drives the price.
市场有风险，内容仅供研究参考，不构成投资建议。